Since the outbreak of the Covid-19, people are constantly living in fears. With social distancing and extended lockdown, life has been confined, if not stand still. Businesses are experiencing hard challenges and are looking for ways to manage their trade and earn revenues. If you are an entrepreneur and facing the same difficulty, here are a few ways how to operate your business during this lockdown.
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Reconsider your business model
The market is changing every week; hence you need to be prepared for the worst. It is crucial to rethink the business model and see where your business stands in the market, considering the cost and revenue. Track the cash flow and the financial ratio and evaluate its impact on credit cycles, new sales and bad debts.
Utilise block management software
If you are into managing residential properties, you can utilise the block management software to communicate with various contractors regarding building’s insurance, maintenance and repairs, service charges, routine inspections, preparing budgets, provision of cleaning, lifts, lighting and other areas. With this software, you can automate the process of ground rent and service charge. Stay flexible and single-handedly manage commercial and residential properties.
Go digital
From calls to sharing files, you have plenty of digital options to make things smooth and easy. To manage your employees’ work, you can upload data on cloud share so that everyone can access it. Besides, Skype, Zoom, Google Duo and Hangouts are other options to stay connected with the team.
Maintain a healthy relationship with stakeholders, clients and employees
Interact properly with your clients, team and stakeholders and let them know what the current situation of your business is. Consult with financial advisors to form the right communication with the stakeholders. If you are planning to deliver any negative message, it should be done with empathy and clear reasons.
Plan policies for the future
Covid-19 has come with a lot of uncertainty. Put a pause on variable expenditure like, business trips, social media ads, physical marketing, event launching, hiring and more. Business owners need to reconfigure their strategies to diminish their expenses, settle on fixed expenses, such as salaries, payments, rents and more, and focus only on survival. It may be a good idea if you work on the sales strategy and cut down the marketing cost.
From using block management software and technology to planning schemes and strategies, follow these afore-mentioned guidelines to combat the circumstance.
